ANZ slices variable rates, Westpac serves up fixed home loan rate increases

ANZ sliced the rate on its variable owner occupier 'Simplicity Plus' home loan paying principal & interest with up to 80% LVR.

It was cut by 10 basis points to 2.29% p.a. (2.33% p.a. comparison rate*).

ANZ however increased interest rates on a couple of variable investment home loans by between 10 and 20 basis points.

Meanwhile, Westpac increased interest rates on a whole smorgasboard of fixed home loans.

Everything fixed between one and five years, packaged and non packaged, investor and owner occupier, across a variety of LVRs was subject to a rate increase.

Some highlights included:

• Fixed Options P&I 3 Years 70%: Up 15 basis points to 3.24% p.a. (4.30% p.a. comparison rate*)
• Fixed Options P&I 4 Years 70%: Up 15 basis points to 3.54% p.a. (4.30% p.a. comparison rate*)
• Investment Fixed P&I 3 Years 70%: Up 10 basis points to 3.44% p.a. (4.74% p.a. comparison rate*)
• Investment Fixed P&I 4 Years 70%: Up 10 basis points to 3.74% p.a. (4.73% p.a. comparison rate*)

Other home loans were increased by between 5 and 20 basis points, and many rate increases also applied to Westpac subsidiaries including St George, BankSA, and Bank of Melbourne.

At one stage in 2020, Westpac's four year fixed rate home loans for owner occupiers started with a 1.

Since January 2021 there have now been 145 basis points' worth of increases to some four year fixed home loans from Westpac.

In the case of Westpac's four-year 'Fixed Options' home loan for owner occupiers, 145 basis points on a $400,000 home loan on a 30 year term adds $308 in extra interest paid per month.

Westpac economists have also forecast an August 2022 RBA rate hike of 15 basis points, and a ceasure of its bond purchasing program in February.

Around the grounds

Again it was a tale of the smaller customer institutions increasing home loan rates in the past week.

BCU

The Coffs Coast-based credit union increased a host of fixed home loan rates for both owner occupiers and investors. Some highlights included:

• Residential Fixed 2 Years P&I: Up 15 basis points to 2.19% p.a. (3.73% p.a. comparison rate*)
• Investment Fixed 2 Years P&I: Up 15 basis points to 2.49% p.a. (3.91% p.a. comparison rate*)

Qudos Bank

Qudos Bank increased a gamut of home loan rates, fixed between one and five years for both owner occupiers and investors, by between 10 and 30 basis points.

Some highlights included:

• OO 1 Year Fixed P&I 80%: Up 10 basis points to 1.89% p.a. (2.44% p.a. comparison rate*)
• OO 3 Year Fixed P&I 80%: Up 30 basis points to 2.79% p.a. (2.56% p.a. comparison rate*)
• Inv 1 Year Fixed P&I 80%: Up 10 basis points to 2.69% p.a. (3.01% p.a. comparison rate*)
• Inv 3 Year Fixed P&I 80%: Up 30 basis points to 3.29% p.a. (3.10% p.a. comparison rate*)

Summerland Credit Union

The Northern Rivers-based credit union increased rates on a range of fixed home loans, including these highlights:

• Standard Fixed 1 Year: Up 30 basis points to 2.29% p.a. (4.46% p.a. comparison rate*)
• Standard Fixed 3 Year: Up 30 basis points to 3.04% p.a. (4.29% p.a. comparison rate*)
• Inv Standard Fixed 1 Year: Up 30 basis points to 2.79% p.a. (4.93% p.a. comparison rate*)
• Inv Standard Fixed 3 Year: Up 30 basis points to 3.39% p.a. (4.72% p.a. comparison rate*)

Summerland also slashed its 80% LVR owner occupied variable home loan with offset by 20 basis points - it now sits at 2.29% p.a. (2.47% p.a. comparison rate*).

Gateway Bank

Adding to its rate increases last week, this week Gateway Bank made a few changes for owner occupiers including:

• Premium Variable 80%: Up 25 basis points to 2.39% p.a. (2.73% p.a. comparison rate*)
• Green Home Loan: Up 25 basis points to 2.24% p.a. (2.59% p.a. comparison rate*)
• Green Plus Home Loan: Up 25 basis points to 2.14% p.a. (2.49% p.a. comparison rate*)
• Low Rate Essentials 80% 250k+: Up 25 basis points to 2.29% p.a. (2.32% p.a. comparison rate*)

Queensland Country Bank

QCB was up and down like a fiddler's elbow with its rate changes, bucking the trend and decreasing some fixed rates.

Some fixed rate decreases included:

• 1 Year IO >80%: Cut by 20 basis points to 3.24% p.a. (4.84% p.a. comparison rate*)
• 1 Year P&I >80%: Cut by 5 basis points to 3.04% p.a. (4.51% p.a. comparison rate*)

Various other fixed home loans were decreased by up to 20 basis points, while some others were increased by up to 20 basis points. 

QCB also cut the interest rate on its Ultimate home loan paying interest only on up to 80% LVR by 90 basis points.

It's now 2.59% p.a. (2.98% p.a. comparison rate*).

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Offset	Redraw	Ongoing Fees	Upfront Fees	Max LVR	Lump Sum Repayment	Extra Repayments	Split Loan Option	Tags	Features	Link	Compare	Promoted Product	Disclosure
loans.com.au	loans.com.au Bare Home Loan (Basic OO P&I <90%)	5.94% p.a.	5.98% p.a.	$2,978	Principal & Interest	Variable			$0	$530	90%				Owner Occupier Variable Principal & Interest 10% Min Deposit Redraw Extra Repayments More details	Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Dedicated loan specialist throughout the loan application.	Go to site	Compare	Promoted	Disclosure
Unloan	Unloan Variable Rate Home Loan LVR < 80%	5.89% p.a.	5.80% p.a.	$2,962	Principal & Interest	Variable			$0	$0	80%				Built and funded by CommBank Owner Occupier Variable Principal & Interest 20% Min Deposit Redraw More details	No application or ongoing fees. Annual rate discount Unlimited redraws & additional repayments. LVR <80% A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.	Go to site	Compare	Promoted	Disclosure
Regional Australia Bank	Regional Australia Bank Home Loan Fixed (Owner Occupier, Principal and Interest, max lvr 60%) (3 years)	5.99% p.a.	6.02% p.a.	$2,995	Principal & Interest	Fixed			$0	$0	60%				Owner Occupier Fixed 3 Years Principal & Interest 40% Min Deposit Redraw More details	Competitive rates to help you save A Dedicated Relationship Manager Certainty of repayments with a fixed rate term	Go to site	Compare	Promoted	Disclosure
Homestar	Homestar Star Nova LVR <70% (Owner Occupied, Principal and Interest)	5.93% p.a.	5.93% p.a.	$2,975	Principal & Interest	Variable			$0	$395	70%				Owner Occupier Variable Principal & Interest 30% Min Deposit Redraw More details		Go to site	Compare		Disclosure
Reduce Home Loans	Reduce Home Loans EconoME Home Loan (Owner Occupier, Principal & Interest, LVR 60%)	5.99% p.a.	6.01% p.a.	$2,995	Principal & Interest	Variable			$0	$150	60%				$3000 Cashback T&Cs apply Owner Occupier Variable Principal & Interest 40% Min Deposit Redraw More details		Go to site	Compare		Disclosure

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